Intrinsic value of Enstar Group - ESGR

Previous Close

$234.30

  Intrinsic Value

$212.44

stock screener

  Rating & Target

hold

-9%

  Value-price divergence*

-118%

Previous close

$234.30

 
Intrinsic value

$212.44

 
Up/down potential

-9%

 
Rating

hold

 
Value-price divergence*

-118%

Our model is not good at valuating stocks of financial companies, such as ESGR.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of ESGR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 4.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.11
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  0
  1,154
  1,180
  1,210
  1,245
  1,282
  1,324
  1,369
  1,418
  1,470
  1,527
  1,587
  1,651
  1,720
  1,793
  1,870
  1,952
  2,039
  2,131
  2,227
  2,330
  2,438
  2,552
  2,672
  2,798
  2,931
  3,072
  3,219
  3,375
  3,538
  3,710
Variable operating expenses, $m
 
  635
  650
  666
  685
  706
  728
  753
  779
  808
  839
  864
  899
  937
  976
  1,018
  1,063
  1,110
  1,160
  1,213
  1,269
  1,327
  1,390
  1,455
  1,524
  1,596
  1,673
  1,753
  1,838
  1,927
  2,020
Fixed operating expenses, $m
 
  167
  171
  176
  180
  184
  189
  194
  199
  204
  209
  214
  219
  225
  230
  236
  242
  248
  254
  261
  267
  274
  281
  288
  295
  302
  310
  317
  325
  334
  342
Total operating expenses, $m
  782
  802
  821
  842
  865
  890
  917
  947
  978
  1,012
  1,048
  1,078
  1,118
  1,162
  1,206
  1,254
  1,305
  1,358
  1,414
  1,474
  1,536
  1,601
  1,671
  1,743
  1,819
  1,898
  1,983
  2,070
  2,163
  2,261
  2,362
Operating income, $m
  349
  351
  359
  368
  380
  392
  407
  422
  440
  459
  479
  509
  533
  559
  586
  616
  647
  681
  716
  754
  794
  837
  882
  929
  980
  1,033
  1,089
  1,149
  1,212
  1,278
  1,348
EBITDA, $m
  384
  380
  389
  399
  410
  424
  439
  455
  474
  494
  515
  539
  564
  591
  620
  651
  684
  719
  756
  796
  838
  883
  930
  980
  1,032
  1,088
  1,147
  1,210
  1,275
  1,345
  1,418
Interest expense (income), $m
  19
  24
  30
  38
  48
  58
  70
  83
  97
  112
  129
  146
  165
  185
  206
  229
  253
  278
  305
  334
  364
  396
  430
  465
  502
  542
  583
  627
  673
  721
  772
Earnings before tax, $m
  327
  327
  329
  330
  332
  334
  336
  339
  343
  346
  351
  363
  368
  374
  380
  387
  394
  402
  411
  420
  430
  441
  452
  464
  477
  491
  506
  522
  539
  557
  576
Tax expense, $m
  35
  88
  89
  89
  90
  90
  91
  92
  93
  94
  95
  98
  99
  101
  103
  104
  106
  109
  111
  113
  116
  119
  122
  125
  129
  133
  137
  141
  146
  150
  156
Net income, $m
  265
  239
  240
  241
  242
  244
  246
  248
  250
  253
  256
  265
  269
  273
  277
  282
  288
  294
  300
  307
  314
  322
  330
  339
  348
  359
  370
  381
  393
  407
  421

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  12,866
  13,109
  13,411
  13,755
  14,142
  14,571
  15,042
  15,554
  16,108
  16,706
  17,347
  18,033
  18,765
  19,544
  20,372
  21,251
  22,182
  23,168
  24,210
  25,312
  26,475
  27,702
  28,996
  30,360
  31,798
  33,312
  34,905
  36,583
  38,348
  40,206
  42,159
Adjusted assets (=assets-cash), $m
  12,866
  13,109
  13,411
  13,755
  14,142
  14,571
  15,042
  15,554
  16,108
  16,706
  17,347
  18,033
  18,765
  19,544
  20,372
  21,251
  22,182
  23,168
  24,210
  25,312
  26,475
  27,702
  28,996
  30,360
  31,798
  33,312
  34,905
  36,583
  38,348
  40,206
  42,159
Revenue / Adjusted assets
  0.000
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
  0.088
Average production assets, $m
  115
  118
  120
  123
  127
  131
  135
  140
  145
  150
  156
  162
  168
  175
  183
  191
  199
  208
  217
  227
  238
  249
  260
  273
  285
  299
  313
  328
  344
  361
  378
Working capital, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total debt, $m
  674
  861
  1,097
  1,367
  1,669
  2,005
  2,373
  2,773
  3,207
  3,674
  4,175
  4,712
  5,284
  5,893
  6,541
  7,228
  7,956
  8,727
  9,543
  10,404
  11,313
  12,273
  13,285
  14,352
  15,476
  16,660
  17,906
  19,218
  20,598
  22,051
  23,578
Total liabilities, $m
  10,063
  10,251
  10,487
  10,757
  11,059
  11,395
  11,763
  12,163
  12,597
  13,064
  13,565
  14,102
  14,674
  15,283
  15,931
  16,618
  17,346
  18,117
  18,933
  19,794
  20,703
  21,663
  22,675
  23,742
  24,866
  26,050
  27,296
  28,608
  29,988
  31,441
  32,968
Total equity, $m
  2,802
  2,858
  2,924
  2,999
  3,083
  3,177
  3,279
  3,391
  3,512
  3,642
  3,782
  3,931
  4,091
  4,261
  4,441
  4,633
  4,836
  5,051
  5,278
  5,518
  5,772
  6,039
  6,321
  6,619
  6,932
  7,262
  7,609
  7,975
  8,360
  8,765
  9,191
Total liabilities and equity, $m
  12,865
  13,109
  13,411
  13,756
  14,142
  14,572
  15,042
  15,554
  16,109
  16,706
  17,347
  18,033
  18,765
  19,544
  20,372
  21,251
  22,182
  23,168
  24,211
  25,312
  26,475
  27,702
  28,996
  30,361
  31,798
  33,312
  34,905
  36,583
  38,348
  40,206
  42,159
Debt-to-equity ratio
  0.241
  0.300
  0.380
  0.460
  0.540
  0.630
  0.720
  0.820
  0.910
  1.010
  1.100
  1.200
  1.290
  1.380
  1.470
  1.560
  1.650
  1.730
  1.810
  1.890
  1.960
  2.030
  2.100
  2.170
  2.230
  2.290
  2.350
  2.410
  2.460
  2.520
  2.570
Adjusted equity ratio
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218
  0.218

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  265
  239
  240
  241
  242
  244
  246
  248
  250
  253
  256
  265
  269
  273
  277
  282
  288
  294
  300
  307
  314
  322
  330
  339
  348
  359
  370
  381
  393
  407
  421
Depreciation, amort., depletion, $m
  35
  29
  30
  30
  31
  32
  32
  33
  34
  35
  36
  30
  31
  32
  34
  35
  37
  39
  40
  42
  44
  46
  48
  50
  53
  55
  58
  61
  64
  67
  70
Funds from operations, $m
  311
  268
  270
  271
  273
  275
  278
  281
  284
  288
  292
  295
  300
  305
  311
  318
  325
  332
  340
  349
  358
  368
  378
  389
  401
  414
  428
  442
  457
  473
  491
Change in working capital, $m
  514
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from operations, $m
  -203
  268
  270
  271
  273
  275
  278
  281
  284
  288
  292
  295
  300
  305
  311
  318
  325
  332
  340
  349
  358
  368
  378
  389
  401
  414
  428
  442
  457
  473
  491
Maintenance CAPEX, $m
  0
  -21
  -22
  -22
  -23
  -24
  -24
  -25
  -26
  -27
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -46
  -48
  -50
  -53
  -55
  -58
  -61
  -64
  -67
New CAPEX, $m
  0
  -3
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -5
  -6
  -6
  -7
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
Cash from investing activities, $m
  157
  -24
  -25
  -25
  -26
  -28
  -28
  -30
  -31
  -32
  -34
  -35
  -37
  -38
  -39
  -42
  -43
  -46
  -48
  -50
  -52
  -55
  -58
  -60
  -63
  -67
  -69
  -73
  -77
  -81
  -85
Free cash flow, $m
  -46
  244
  245
  246
  247
  248
  249
  251
  253
  256
  259
  260
  263
  267
  271
  276
  281
  286
  292
  298
  305
  313
  320
  329
  338
  348
  358
  369
  381
  393
  406
Issuance/(repayment) of debt, $m
  78
  187
  236
  270
  303
  335
  368
  401
  434
  467
  501
  536
  572
  609
  648
  687
  728
  771
  815
  861
  909
  960
  1,012
  1,067
  1,124
  1,184
  1,246
  1,312
  1,380
  1,452
  1,528
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  5
Cash from financing (excl. dividends), $m  
  83
  187
  236
  270
  303
  335
  368
  401
  434
  467
  501
  536
  572
  609
  648
  687
  728
  771
  815
  861
  909
  960
  1,012
  1,067
  1,124
  1,184
  1,246
  1,312
  1,380
  1,452
  1,533
Total cash flow (excl. dividends), $m
  23
  432
  481
  515
  549
  583
  617
  652
  687
  723
  760
  796
  836
  876
  919
  963
  1,009
  1,057
  1,107
  1,160
  1,215
  1,272
  1,333
  1,396
  1,462
  1,531
  1,604
  1,681
  1,761
  1,845
  1,939
Retained Cash Flow (-), $m
  -285
  -56
  -66
  -75
  -84
  -93
  -103
  -112
  -121
  -130
  -140
  -150
  -160
  -170
  -181
  -192
  -203
  -215
  -227
  -240
  -254
  -268
  -282
  -297
  -313
  -330
  -347
  -366
  -385
  -405
  -426
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  376
  415
  440
  465
  490
  515
  540
  566
  593
  620
  647
  676
  707
  738
  772
  806
  842
  880
  920
  961
  1,005
  1,050
  1,098
  1,149
  1,201
  1,257
  1,315
  1,376
  1,440
  1,513
Discount rate, %
 
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
 
  351
  359
  350
  338
  322
  304
  283
  262
  239
  215
  191
  168
  145
  124
  105
  87
  70
  56
  44
  34
  26
  19
  14
  9
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Enstar Group Limited is an insurance group that offers capital release solutions and specialty underwriting capabilities through its network of group companies in Bermuda, the United States, the United Kingdom, Continental Europe, Australia and other international locations. The Company's segments include Non-Life Run-Off, Atrium, StarStone, and Life and Annuities. The Non-life Run-off segment comprises the operations of its subsidiaries that are running off their property and casualty and other non-life lines of business. The Atrium segment underwrites specialist marine, energy, aerospace, non-marine and liability classes. The StarStone segment offers a range of property, casualty and specialty insurance products. The Life and Annuities Segment consists of the operations managing the Company's closed-block of life and annuity business, and its life settlements business.

FINANCIAL RATIOS  of  Enstar Group (ESGR)

Valuation Ratios
P/E Ratio 17.1
Price to Sales 4
Price to Book 1.6
Price to Tangible Book
Price to Cash Flow -22.4
Price to Free Cash Flow -22.4
Growth Rates
Sales Growth Rate 25.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 24.1%
Total Debt to Equity 24.1%
Interest Coverage 18
Management Effectiveness
Return On Assets 2.3%
Ret/ On Assets - 3 Yr. Avg. 2.3%
Return On Total Capital 8%
Ret/ On T. Cap. - 3 Yr. Avg. 8.2%
Return On Equity 10%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 33.7%
EBITDA Margin - 3 Yr. Avg. 35.2%
Operating Margin 30.9%
Oper. Margin - 3 Yr. Avg. 30.9%
Pre-Tax Margin 28.9%
Pre-Tax Margin - 3 Yr. Avg. 28.6%
Net Profit Margin 23.4%
Net Profit Margin - 3 Yr. Avg. 26%
Effective Tax Rate 10.7%
Eff/ Tax Rate - 3 Yr. Avg. 6.2%
Payout Ratio 0%

ESGR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ESGR stock intrinsic value calculation we used $1131 million for the last fiscal year's total revenue generated by Enstar Group. The default revenue input number comes from 2016 income statement of Enstar Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ESGR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.2%, whose default value for ESGR is calculated based on our internal credit rating of Enstar Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Enstar Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ESGR stock the variable cost ratio is equal to 55.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $163 million in the base year in the intrinsic value calculation for ESGR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Enstar Group.

Corporate tax rate of 27% is the nominal tax rate for Enstar Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ESGR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ESGR are equal to 10.2%.

Life of production assets of 5.4 years is the average useful life of capital assets used in Enstar Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ESGR is equal to 0%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $2802 million for Enstar Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 19.445 million for Enstar Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Enstar Group at the current share price and the inputted number of shares is $4.6 billion.

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COMPANY NEWS

▶ Enstar Group posts 2Q profit   [Aug-05-17 01:10AM  Associated Press]
▶ Enstar Group Limited Reports Second Quarter Results   [Aug-03-17 04:30PM  GlobeNewswire]
▶ Enstar Group Limited to Hold Investor Presentation Webcast   [Jun-27-17 12:52PM  GlobeNewswire]
▶ ETFs with exposure to Enstar Group Ltd. : June 2, 2017   [Jun-02-17 02:05PM  Capital Cube]
▶ Enstar Announces CFO Succession Plan   [May-22-17 05:16PM  GlobeNewswire]
▶ Enstar Group posts 1Q profit   [08:24AM  Associated Press]
▶ ETFs with exposure to Enstar Group Ltd. : April 27, 2017   [Apr-27-17 03:57PM  Capital Cube]
▶ ETFs with exposure to Enstar Group Ltd. : April 7, 2017   [Apr-07-17 04:26PM  Capital Cube]
▶ Enstar Group Limited Announces Pricing of Senior Notes   [Mar-07-17 03:55PM  GlobeNewswire]
  [Feb-28-17 06:00PM  GlobeNewswire]
▶ Enstar Group Limited Announces Appointment of New Director   [Feb-27-17 04:59PM  GlobeNewswire]
▶ [$$] RSA raises financial targets as it reports robust results   [Feb-23-17 10:54AM  at Financial Times]
▶ Enstar Announces Acquisition of Dana Companies   [Dec-30-16 05:00PM  GlobeNewswire]
▶ [$$] Stone Point, Others Invest in Reinsurer KaylaRe   [11:55AM  at The Wall Street Journal]
▶ Enstar Launches Reinsurer KaylaRe   [Dec-15-16 04:34PM  GlobeNewswire]
▶ Is Enstar Group Ltd. (ESGR) Going to Burn These Hedge Funds?   [Dec-09-16 05:53AM  at Insider Monkey]
▶ Enstar Group Limited to Hold Investor Presentation Webcast   [Jun-13-16 09:34AM  GlobeNewswire]
▶ Enstar Group Limited Reports First Quarter Results   [May-06-16 05:03PM  GlobeNewswire]
Financial statements of ESGR
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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